OSAKA -- Matsushita Electric Industrial Co. is seeking to change its near-uniform retirement allowance system and generous high-yield company pension program, Matsushita sources said Saturday.
Instead, the consumer electronics giant wants a program that more accurately reflects individual employee contributions to the company and the prolonged low-interest rate market environment.
Matsushita has already given a draft proposal of the new plans to its labor union, with the goal of reaching an agreement by the end of this year to allow the plans to be introduced in the business year beginning next April, the sources said.